Bill > LB1102

This bill amends the Class V School Employees Retirement Act to clarify when retirement allowances are paid monthly and to adjust the timing of certain cost-of-living adjustments. Specifically, it redefines "retirement date" to be the first day of the month following the receipt of a retirement application if the member is eligible and has terminated employment, or the first day of the month following termination of employment if the member is eligible and has applied but not yet terminated. The bill also establishes that monthly retirement payments will be made on the last business day of each month, with the first payment including all accrued amounts since the effective date of the annuity award, and the last payment occurring on the last business day of the month the member dies or according to the member's chosen payment option. Furthermore, it changes the timing of certain cost-of-living adjustments (COLAs) for annuitants who were members before July 1, 2016, and have received an annuity for at least ten years, shifting the annual adjustment date from January 1 to September 1, starting in 2026, while also modifying the calculation for a specific medical cost-of-living adjustment. The bill repeals the original sections it amends.

Labor and Employment

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=63130